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Arab Banking Corporation approves 5pc cash dividend

MANAMA, March 23, 2015

The shareholders of the Arab Banking Corporation (ABC) have approved a cash dividend distribution of five per cent of the issued share capital ($0.05 per share), amounting to $155.5 million.

The dividend was recommended by the bank's board of directors and approved by shareholders during yesterday's (March 22) annual general meeting (AGM), said a report in the Gulf Daily News (GDN), our sister publication.

ABC announced earlier that its consolidated net profit for last year was $256 million, a seven per cent increase when compared to $239 million for 2013.

The AGM also approved the appointment of two new members to ABC's board: Dr Farouk El Okdah and Dr Tarik Yousef.

Dr El Okdah is the former governor and chairman of the Central Bank of Egypt, whereas Dr Yousef is a board member of the Central Bank of Libya and the chief executive of Silatech, a regional organisation that promotes empowerment of Arab youth through employment.

"ABC will continue its drive to develop new initiatives that will enhance earning capabilities and ensure sustainable growth in the coming years, while at the same time continue to strengthen compliance and risk management frameworks," ABC Group chief executive Dr Khaled Kawan said. - TradeArabia News Service




Tags: ABC | cash | dividend | approve | shareholder |

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